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The industry players and experts expect a better financial allocation towards education in Budget 2023. (Image: Unsplash)
Various sectors like education and skill development etc will be keen to see what the government has in store for them in the approaching Union Budget 2023 in terms of new allocations, announcements, tax relief or policy changes.
India’s higher education system is at a turning point. Notably, the National Education Policy (NEP) implementation, the merger of various higher education regulators into a single “Higher Education Commission,” the “Common University Entrance Test,” and the admission of foreign universities are expected to transform higher education and propel India to the top of the league. The focus will also be on skill development through technology and how to reach rural India.
The budgetary allotment for the education year 2022–2023 was Rs. 1,04,278 crore. Even though this was an 11.8% rise over 2021–2022, the allocation for education in the whole social sector had decreased from 50.79% in 2021–202 to 47.22% in 2022–203.
“It is crucial to provide our future workforce (youth learners) in schools and colleges with pathways to financial success by strengthening the bridge between our education system and future economic opportunities.
As we sit at the cusp of the fourth industrial revolution; one that is digitizing and streamlining workspaces, classrooms, and economies. This revolution cannot be reserved simply for the students studying in the top schools and colleges in metros. This is why the upcoming budget should include increased spending towards digitizing classrooms across government schools in rural areas: Every school should be equipped with smartboards and projectors and our curriculum should further seek to integrate technology across every subject and also Increase funding for Innovators, developers and startups in the form of grants, mentorship, and access to resources. This will accelerate India’s contribution towards building the foundations of the metaverse and nurturing the development of XR technologies” said Manav Subodh- Founder of 1M1B ( One Million for One Billion)
Hemant Kanakia, Founder, Maker Bhavan Foundation said that “ India’s public expenditure on education is currently around 3% of the GDP, and the year-on-year increase in the education budget is 15%, the third highest among all the items on the budget. A higher year-on-year increase, though welcome, seems untenable at the moment; therefore, progress needs to be achieved with what we already have in hand. Our primary goal should be transforming how we utilise and disburse the amount allocated. The disbursement models for each area can be reconceptualized to ensure that allocations target the areas in need and that the disbursements create value. This can be done in two ways: First, a novel system could be established in which the government would match private individuals’ and enterprises’ contributions to educational institutions. Introducing tax reliefs for such contributions would also further incentivise this practice. Moreover, to prevent misuse, this scheme could be restricted to the top colleges of India, as determined by the National Institutional Ranking Framework. Second, discretionary funds could be allocated to institutes demonstrating significant progress. This progress could be determined using objectively observable performance-linked incentives that would be averaged over a couple of years. For research institutes, the quality of research published should be prioritised over the quantity. Given how much parents are willing to sacrifice for their children’s education, politicians and policymakers must learn how to deploy India’s education budget effectively.”
Girish Singhania, CEO EduBridge said that “We look forward to extending support for new educational guidelines penned down by NEP in 2020. The expectations will involve a greater focus on skilling initiatives, where we advocate the importance of skilling at every level. Introducing more vocational courses earlier on and implementing them at the grassroots level. Formal Educational Institutions, Academies, and EdTech Platforms advocate the removal of GST on any of the educational products and services for ten years. A more profound Tech-enabled training of teachers or perhaps revitalizing the existing Diksha App to enhance the reach and Profound financial plans that encourage learners to sign up for skilling initiative to better their career prospects.”
The industry players and experts expect a better financial allocation towards education in general, to ensure that it meets with heightened literacy rates by the upcoming fiscal year of 2024-25.